Recession

Workers and recession

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Jane Hardy takes issue with a new study which claims that workers haven't suffered too badly in the recession

A recent book edited by Paul Gregg and Jonathan Wadsworth claims to look at what has happened to employment in the UK during the recession. They puzzle about why Britain has had the biggest recession since the Second World War with a fall in GDP of 6 percent, while claiming that the loss of jobs has been relatively "benign".

The state of the global economy

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Bankers and bosses appeared cheerful at this year's World Economic Forum in Davos. But the state of the global economy remains precarious

Last month the global ruling class - the bankers, political leaders, the CEOs of top multinationals and their acolytes - met for the World Economic Forum at the luxurious Swiss ski resort in Davos.

Band of warring brothers

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The spending review comes at a time of high international tension, as governments around the world compete to escape economic ruin. Jane Hardy analyses the global "currency wars".

Financial pundits have given up scrabbling for the green shoots of recovery. New York professor Nouriel Roubini said on 14 October, "The growth rate is so low it's going to feel like a recession even if technically it's not a recession." On top of that he has predicted that there is a 35 to 40 percent chance of a double dip recession. The recovery in the US, the heartland of global capitalism, looked extremely fragile. In mid-October the dollar hit a 15-year low and unemployment increased, and 18 months into the so-called recovery jobs are still being shed.

Tories declare war

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The Con-Dem coalition has launched an all-out assault on the public sector and the welfare state in the name of reducing the budget deficit. What will be the impact of these austerity measures? Judith Orr looks at the risk of a double dip recession - and the possibilities of resistance.

It started with the banks going bust and ended up with closing playgrounds. Or as Tory education secretary Michael Gove put it, "Play has to make its contribution to tackling the deficit." Today the economic crisis is being played out in the lives and meagre budgets of millions of ordinary people in Britain as the sheer scale of attacks planned by the government starts to become concrete.

The crisis: over or just beginning?

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The post-election period will be dominated by the dire state of the British economy. While the political elite are desperate to make us pay for the crisis, they are also paralysed by the fear of a renewed recession precipitated by speculation against the pound. Joseph Choonara reports

The state of the economy will continue to mould British politics after the election. Economics will constrain the room for manoeuvre of the political elite, pressing them to drive through a series of attacks. It will also create the terrain on which workers will have to organise and resist. The prospects for the system are, then, of keen interest to those who wish to challenge it. After almost three years of chaos, what lies in store?

Greece, Ireland and the eurozone crisis

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Pigs. It's not an insult as such, but that depends on what it's referring to.

In this case it's an acronym coined by "economic analysts" to describe the European countries that have been hardest hit by the recession: Portugal, Ireland, Greece and Spain.

Now, I happen to be Irish, but I'm not particularly nationally-minded, so on one level it doesn't bother me all that much. However, when you consider who these "economic analysts" are, and what their role has been in the crisis affecting Greece, it's a different story.

The divisive crisis

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Britain is likely to see some weak and fragile economic recovery in early 2010, but the crisis will continue to shape politics in the months ahead.

Recent data shows that 2009 saw the biggest contraction in the British economy in a single year since 1921.

The world economy is not in permanent slump. The major G20 economies, with the exception of Britain, moved out of recession by the third quarter of last year and China grew impressively in 2009. But the measures taken to escape from recession will shape what happens next.

Cuts, war and MPs' expenses: Are we all in it together?

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A poll conducted after the Tory party conference last month showed that they were down one percentage point over the previous month, while Labour was up three points.

So they received none of the usual boost that the high media profile and set piece speeches give these parties after their conferences, in fact the opposite.

I'm not surprised. Telling everyone that they are going to have to work a year longer before they get a pension is hardly popular. Nor is the constant refrain that cuts in the public sector, of both jobs and services, are absolutely necessary to overcome the budget deficit.

Economic growth - the meaning of numbers

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Economic "reforms" for increased growth are often justified by the ruling class as being good for everyone. But what is the truth behind the statistics?

Adair Turner, head of the Financial Services Authority, hit the headlines when he called for control on financial transactions through a tax. Not so widely noticed was his comment that much of what finance does is "socially useless".

Britain's recession - the cuts out of the bag

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The current bickering between the three major parties about cuts in public spending started with accusations being tossed between them over who was going to make the cuts and who wasn't. But now consensus has been reached.

The argument between all three parties has now shifted to abstract discussions of semantics: Peter Mandelson says the Tories will bring "savage cuts" and the Lib Dem leader Nick Clegg boasted of his own preference for "savage cuts" at his party conference. The Tories, meanwhile, have been openly bragging to their rich friends about what they will do to reduce spending.

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